Best Buy Co., Inc. $BBY Holdings Raised by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 9,497.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 731,739 shares of the technology retailer’s stock after purchasing an additional 724,115 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.35% of Best Buy worth $46,978,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Palisade Asset Management LLC acquired a new stake in Best Buy during the third quarter worth about $25,000. MV Capital Management Inc. acquired a new position in Best Buy in the fourth quarter valued at approximately $25,000. Torren Management LLC bought a new position in shares of Best Buy during the fourth quarter valued at approximately $25,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. raised its position in shares of Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 311 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BBY has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Citigroup increased their target price on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. UBS Group reiterated a “neutral” rating and issued a $86.00 target price (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Jefferies Financial Group upped their price target on shares of Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Evercore increased their price objective on shares of Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $79.50.

Best Buy Price Performance

Shares of NYSE BBY opened at $88.48 on Tuesday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $89.28. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average of $76.20 and a two-hundred day moving average of $68.30. The company has a market capitalization of $18.65 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 2.27 and a beta of 1.30.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the transaction, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is currently owned by insiders.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.